Wiluna Mining Corporation Ltd: Drilling Update

Perth, Australia - Wiluna Mining Corp. Limited (ASX:WMX) (NZ3.F) (OTCMKTS:WMXCF) announces further high-grade sulphide intersections from an additional 63 holes and 16,705m of resource development drilling, and provides an update on the Company's FY 2022 Discovery Strategy.

HIGHLIGHTS

- Golden Age produces further high grades in resource extension drilling

GARD0139: 1.52m @ 14.46g/t including 0.52m @ 37.95g/t
GARD0141: 1.90m @ 14.04g/t including 0.25m @ 90.11g/t

- High-grade sulphide intersections over good mining widths at Happy Jack and East Lode zones. Results will support Mineral Resource and Ore Reserve updates scheduled in late 2021

HJRD00053: 1.78m @ 66.74g/t including 0.87m @ 133.00g/t
WURD0150: 6.85m @ 7.72g/t and 3.95m @ 4.74g/t
WURD0152: 13.12m @ 6.89g/t and 1.27m @ 15.05g/t
WURD0125: 8.00m @ 6.33g/t
WURD0129: 6.95m @ 5.69g/t
WURD0136: 12.80m @ 5.38g/t
HJRD00132: 6.40m @ 5.32g/t
WURD0157: 5.10m @ 5.08g/t and 2.11m @ 14.54g/t
HJRD00042: 8.61m @ 5.01g/t
WURD0162: 5.62m @ 4.69g/t including 2.00m @ 7.47g/t
HJRD00010: 6.30m @ 4.52g/t including 0.69m @ 9.94g/t and 0.96m @ 15.05g/t
WURD0154: 13.00m @ 4.18g/t including 4.00m @ 7.37g/t

- Discovery program for FY 2022 includes large-scale Exploration Targets defined "under the headframe" at the Wiluna Mining Centre

Happy Jack and East Lode are important early sulphide mining zones where redevelopment of the underground operation is already well advanced ahead of production. These further high-grade results are expected to enhance Mineral Resource and Ore Reserve updates that are scheduled for completion later in 2021, as these results are infilling Inferred Resource areas to improve geological confidence and hitting high grades at good mining widths beyond the current Resource extents.

The Company also continues to define extensions to the Golden Age orebody, which is a source of high-grade free-milling feed that currently supplements large ore stockpiles from mining the Williamson pit, enhancing head grade and cashflows ahead of sulphides production.

DRILLING HIGH-GRADE SULPHIDES

Currently five rigs are drilling to further infill and grow the large high-grade gold system at Wiluna, with the intention to update the Mineral Resource Estimate and Ore Reserve estimates in the final quarter of calendar 2021, as part of the Company's in-progress Stage 2 Feasibility Study.

The Company's goal is to add 500,000oz of high-grade, shallow Ore Reserves through further infill drilling of the existing resource base and to build a 2.5Moz Measured and Indicated Resource to enhance mine planning and long-term option studies (currently the M&I Resource is 2.14Moz @ 5.26g/t, above 2.5g/t cut-off).

Including historical production of over 4Moz, Wiluna's gold endowment defined to date is over 10Moz which ranks Wiluna alongside an exclusive peer group of large-scale, long-life mining centres in the Western Australian gold fields. Most historical production and existing Resources occur in the upper 600m at Wiluna, with limited drilling during the past 15 years at depth on Wiluna Mining's exploration targets (Figure 1*), which Wiluna Mining is systematically drilling out to complete the Resource development program over the next five years.

The ongoing drilling program is focused on highest-value zones scheduled for mining to further enhance the mine plan, with results reported here from Happy Jack and East Lode. Geological interpretation and resource estimation are in progress for the recently completed programs at Starlight, Essex, Bulletin, Calvert and West Lode zones where results have been reported (see ASX releases dated 27 October, 17 November, 27 January, 10 March, 31 March, 6 May).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5PWN552Z

About Wiluna Mining Corporation Ltd:

Wiluna Mining Corp. (ASX:WMX) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.

Source:
Wiluna Mining Corp. Ltd

Contact:

Milan Jerkovic Executive Chair +61 8 9322 6418 Jim Malone General Manager Investor Relations +61 419 537 714 Dannika Warburton Media & Communications +61 401 094 261